how to choose an estate planning trust attorney

How do I choose the best estate planning attorney?

Dec 03, 2021 · The best way to choose an estate planning attorney is by asking for referrals from friends and family. You can also talk to financial planners. Some of them may already be familiar with estate-planning matters and can recommend a suitable lawyer for you. A few referrals can go a long way. But it’s always best to research before choosing an estate planning attorney. You …

Can you do estate planning without a lawyer?

Basically, you look on the Internet, and you look at the different sites for estate planning attorneys in the cities and states. Also, the best place to go is really referrals from other friends.

What is a trust and estates attorney?

Managing Partner at OC Wills and Trust Attorneys located in Irvine, CA. Over 25 years of legal experience in estate planning matters. The do-it-yourself, or …

What should I look for when hiring a trust attorney?

Dec 15, 2021 · How to Choose an Estate Planning Trust Attorney. Before hiring an estate planning trust attorney, you should take time to interview several. Prepare questions for your interview with each candidate. You should also ask about fees and any additional services. Determine your estate-planning goals so you can select an attorney based on their expertise and experience.

What happens if you don't feel comfortable with an attorney?

If you don't feel comfortable with the attorney, then chances are you'll end up holding certain things back. This will be doing you and the attorney a disservice since the attorney can't plan for, or around, things that the attorney doesn't know.

Can I see myself working closely with this attorney?

Once your prospective attorney has answered the above questions to your satisfaction, there's still one big question you need to ask yourself: "Can I see myself working closely with this attorney?" Even if the attorney has all of the right answers, keep in mind that you'll be sharing all of the intimate details of your life with this person. If you don't feel comfortable with the attorney, then chances are you'll end up holding certain things back .

Can a trust be useless after you die?

Many attorneys create beautiful estate plans for their clients but then fail to assist them with the next important step: funding the revocable living trust. A well-drafted trust will be virtually useless immediately after you die if your assets aren't titled in the name of the trust while you're still alive.

How to plan your estate on your own?

1. Decide whether you need an attorney. If you own very little real estate or personal property, you may be able to use a document kit and plan your estate on your own. However, if you own real estate, have retirement or investment accounts, or own your own business, you should seek professional legal assistance.

What is estate planning?

Planning your estate involves deciding what will happen to your personal property and real estate after you die. The law provides a default scheme for disposing of property, but relying on that involves a lengthy court process and potentially hefty tax consequences for your heirs. The alternative is to plan things out ahead ...

How to narrow your list of potential attorneys?

1. Have a preliminary phone consultation. Many attorneys will hold a brief interview with you over the phone. Since these take up less time and require less effort than in-person consultations, you can talk to more attorneys this way and use the phone interviews to narrow your list of possible contenders.

What factors affect the cost of an estate plan?

Many factors will affect the cost of your estate plans, including the experience of the attorney, the type and amount of assets you have, and the complexity of any tax planning. Each attorney should be able to explain clearly how costs are assessed and how rates are computed.

What can a trust and estates attorney do?

A trusts and estates attorney can help you: make a plan for what will happen your property when you die ( wills and trusts) avoid probate (living trusts, transfer-on-death tools, beneficiary designations) reduce estate taxes. plan for incapacity (powers of attorney and living wills) set up trusts for loved ones. manage ongoing trusts.

How should a lawyer's staff treat you?

At a minimum, you should expect to be treated courteously and professionally both by the staff and by the lawyer.

Does Medicaid affect estate planning?

For example, if you're going to rewrite your will and your spouse is ill, the estate planner needs to know about how Medicaid will affect your estate plan. Unfortunately, there are some attorneys who hold themselves out as experts in trusts and estates, but who have little or no experience in this area of practice.

Does every state have a certified specialist in trusts?

Not every state certifies specialists in trusts and estates, or estate planning, but if your state does, selecting a lawyer with this certification provides an added assurance that he or she is qualified. (A certified specialist may charge more than someone without a certification.)

Do wills have to be made by attorneys?

Simple wills, trusts, and powers of attorney don’t have to be made by attorneys. And with good self-help products, you can either make your own documents or learn more about the documents that an attorney will make for you.

Does experience make a good lawyer?

After all experience does not necessarily make a good lawyer, and a newer attorney may very well become a great attorney. However, less experienced attorneys should also know when they are in over their heads, so make sure that any less experienced lawyer you hire has a more experienced attorney to consult, if needed.

When to use a trust company?

It is often advantageous to use a trust company when the beneficiaries do not get along, when there is a problem beneficiary, or when you are dealing with large sums of money.

What does a trustee do when you are gone?

Choosing a trustee to manage your estate when you are gone is an important decision, and one that should not be taken lightly. Depending on the type of trust you are creating, the trustee will be in charge of overseeing your assets and the assets of your loved ones. Most people choose either a friend or family member, ...

What are the advantages of being a lawyer?

The advantages of a lawyer or an accountant serving is that they have familiarity with your family if you have worked together for a long time. While they will often charge more than a friend or family member, they typically charge less than a trust company or corporate trustee.

What should a family member be when choosing a friend?

If you choose a family member or friend, he should be financially astute, and good with money. You want someone who is, at a minimum, familiar with basic concepts of investing, and preferably someone who has assets of their own that they are investing with an investment advisor.

Why do you not put off signing your estate documents?

Do not put off finalizing and signing your estate planning documents just because you have reached an impasse on who to name as trustee. Do not put off finalizing and signing your estate planning documents just because you have reached an impasse on who to name as trustee. Share to Facebook.

Can you choose a trustee on your death?

In certain circumstances, you can let the beneficiaries choose the trustee on your death. Or, you can let your lawyer or other advisor choose the trustee down the road. Do not put off finalizing and signing your estate planning documents just because you have reached an impasse on who to name as trustee. Talk to your lawyer and other advisors and ...

Do accountants charge hourly fees for trustees?

Lawyers and accountants generally charge their hourly rate for the time they spend serving as trustee. A disadvantage is that they may not have the same institutional structure that a trust company will have. This can also be a plus if you prefer a trustee with more flexibility than an institutional trustee.